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1
臺大管理論叢
2017/12
第
27
卷 第
4
期
1-42
DOI:10.6226/NTUMR.2017.MAR.A103-021
公司盈餘平穩化行為與盈餘資訊性之關係－合格
境外機構投資者角色之檢測
Qualified Foreign Institutional Investors and the Earnings
Informativeness of Income Smoothing
摘 要
本研究以非平衡式追蹤資料檢測合格境外機構投資者
(QFIIs)
在我國上市櫃公司進行盈
餘平穩化對盈餘資訊性影響中所扮演的角色，亦測試該角色是否因我國管制機關解除
此類型投資者之股權限制而改變。實證結果顯示：合格境外機構投資者高持股之公司，
在解除股權管制後，其盈餘平穩化的盈餘資訊性降低，意味解除合格境外機構投資者
的股權管制在某種程度助長其在公司盈餘報導的投機性角色。進一步檢測顯示此實證
發現與合格境外機構投資者的持股高波動性有關，此結果支持合格境外機構投資者的
短期交易策略影響公司盈餘報導決策之觀點。
【關鍵字】
合格境外機構投資者、盈餘平穩化、盈餘資訊性、解除管制
Abstract
This study uses the unbalanced-panel data to establish empirical regression and examines the
role of qualified foreign institutional investors (hereafter QFIIs) in earnings informativeness
of firms with income smoothing. We also examine whether the role of QFIIs in earnings
informativeness for firms with income smoothing has changed since the deregulation of
QFIIs’ ownership restrictions. The empirical result reveals that high QFIIs’ ownership
weaken the informativeness of earnings for firms with income smoothing in the post-
deregulation period. It suggests that the deregulation of QFIIs’ ownership accelerates the
opportunistic role of QFIIs, in turn, reduces the informative component of earnings for firms
with income smoothing. We also find that the result is sensitive to the high QFIIs’
shareholdings volatility case. The result supports the opportunistic role of QFIIs in firm’s
income smoothing, yet, is related to QFIIs’ trading strategy.
【
Keywords
】
QFIIs, income smoothing, earnings informativeness, deregulation
陳慶隆
/
國立雲林科技大學會計學系教授
Ching-Lung Chen
, Professor, Department of Accounting, National Yunlin University of Science and
Technology
張傳章
/
國立中央大學財務金融學系教授
Chuang-Chang Chang
, Professor, Department of Finance, National Central University
翁佩瑜
/
國立雲林科技大學管理研究所博士班會計組博士
Pei-Yu Weng
, Ph.D., Department of Accounting, National Yunlin University of Science and Technology
Received, 2014/4, Final revision received 2015/3